How to start your Own Bank business with No Money | 158k per Month

How to start a bank in 10 steps, with and without any money, so stick around.

How to start your Own Bank business with no Money | 158k per Month

Notes
Simple Stuff:
- Partner Agreement ( Organization Group)
- Business plan
- Raise capital from companies ( firms or partners or companies)
- The application process has gotten really stick after the entire 2008 problem, where banks were failing because of the bad loans they go out
- Name ( Bronx First Bank)

1. Get a team and distribute Roles: CEO, CFO and also someone in charge of getting licenses and making sure everything is running smoothly
2. Getting your license
Acquire your own license
- Law firms will charge you between 30k-150k depending on how complex it is ( you could always do the licenses yourself to remain cost-efficient)
Pro: having reputable law firm do the work for you could increase your chances
Become a partner with licenses bank ( now the idea is that since your partner you’ll become an extension of license bank and can run everything through them)
Pro: For them is the money is deposited with them
Btw this is what chime does

You could buy a small bank and acquire it and that way you can get the licenses ( most of them are not bought directly and the third party get 1-5% cut)
- However, you do need a regulator to approve the sale and purchase

3. Make sure your partners are Experience and Reputable
Compliance Officer: To make sure everything is in tip-top condition and this could cost up to 50k USD ( this ensures your policies)
Lawyers: to file documents and your behalf
Employees: CEO, CFO, and management if any

4. Who do you want to search and what product will you offer to help them
- Low income or high income
- What demographic
- Is more individual or business or maybe both
- How old are they
What:
- Are you going to offer credit cards
- Loans
- Early access to checks
- Crypto?
( this about defining what your niche is and how you're going to supply them )

5. Preparation and application
Basic info
- Entity and more background checks and other documentation
- Expected expenses
- Forecasting customers and income
Also
- What problem are you solving
- Business plan
Now
- All this is information, may range from 300 to more pages, that’s why you might want a team to help you
Ultimate Tip: Be transparent

6. Using Software to get your CORE Banking system
- This is the software you use to create your entire banking online service and experience. From payments to having a back-office and so one to carry out business
- They schedule demos
7. Once you have that you’ll need a Team of Developer
- This will be the foundation, this way, you can build a brand and identity in the online or physical banking world.
- The guy who did this, he had 10 developers working for him
Ps. Very important to have a design person on the team, Wealthfront did a great job with the design

8. Raise capital, don’t wait
- The guys who operated this raised 1 million dollars and used it to get everything rolling
From Employees to expenses.
Tip: it takes skill to raise capital and convince someone
2. It also takes skill to use capital wisely and grow efficiently
- So many people grab capital and pay themselves 200k a year, not a wise use

9. Make New great Products
Example: Sofi, Varo, Chime
Sofi: You think somewhere you can do everything you want
Varo: you think no fees great services and great product
Chime: not a great product but you think 2-day early pay

You have to add a twist to new products to make sure people know it's you and your adding value, not just another bank.
Tip: Niech down, big banks have most of the market, but if you focus in then that could help you

10. Be patient ( if you hear then I know you can be patient)
Buying a bank will and could take more than a YEAr
Getting a license could take between 1-3 years

- The point is this will take time, and the most important aspect is the product and what you’ll bring to the table.

Thank Jeremy for sharing this info.

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[AliA-sbpd]

Finally someone put all the major points into one easy, understandable video. Been trying to understand this for so long until now. Thanks!

[samuelmulike]

Yes it's possible to start a bank with no money in your pockets while using other people's money

[archercretan]

I started a bank a year ago and 3 months ago I watched this so I changed my business plan and my bank is doing so much better. Keep up the great content Tommy

[wwiiznm]

Wouldn't the legal liability and insurance requirements make it really hard to start a bank with $0?

[tydye]

I am considering starting my own bank. This is very helpful! I might just actually do it and I have an excellent idea. Wish me luck!

[msway]

I looked into this a few years ago and found a guy who did a conference in D.C. and was saying it took him 100k to get started and he made around 100k a year.

[christiandamore]

If you could make 158K a month with $0 why haven’t you done it yet? Easy clickbait he’s racking up ad revenue from clickbaiting us lol

[theintrastellar]

Good springboard for which questions to ask! Thanks to you and Jeremy!

[KingKatura]

9:53 We talking about Samuel Walton's samsclub or walmart who undercut prices until the competing business goes out of business and once they are the only store in the area they jack the prices up a bit above the median pending on where they are. I wanted to start a bank but the law showed that you had to have the ability to cover something like 500k$ or more at all times? Either way its interesting, and then you have to be allowed in by the other banks owned by the federal reserve, But online might be a little different since they are more like just a payment processor. But you still would need a place to store the money with specific standards involved? idk if i would use another bank simply because they could freeze or cause you to be forfeited by the government through structuring and stacking laws if they want to get rid of you.

[sedatmehmed]

I came here to learn how the procedure of opening a bank goes. But you didn't clarify a lot of it. Like how one should apply for a license? What are the requirements? Do you get the right for fractional reserve lending?
Also the title is a bit of misleading. No you can't start a bank without money. Raising capital with "elbow grease" is nothing new but it requires a lot of social engineering and meeting the right people. After all i don't believe many people here have millionaire friends who would happily lend them several millions. Also if you have the skills required to raise that capital you probably don't need to watch this video. There isn't some kind of a shortcut to raising the capital. I don't think one can make a Kickstarter campaign for bank, venture capital is also out of question.
By your logic one can make video about starting a major retailer, airline or whatever he comes up with 0 dollars and basically ramble for 15 minutes which can be summarized like this "have your idea, raise your capital (i don't know how you will do it) and that's it. And it still will be corect those won't be your dollars but it is still a silly guide. Like how to make a million dollars? Just save 83000 every month, simple 😂

[gail]

Smart guy!!!! Thank you for information.

[carlosbasurto]

Requires 10m capital $0 out of your pocket if you can sell your vision

[errolonbryant]

Never free. Sometimes it takes money to make money the best advice my boy

[NothingMaster]

I loved your accidental Freudian slip: “To get the BULL Rollin’.”

[asadiop]

Tommy - what about ... how to start a CREDIT UNION?

[CGMPassion]

Quick question.. I really hope you answer. Is it possible to have a headquarters for your online bank? Like a physical location to offer your services even when you're partnered with a bank. Or would that be considered traditional banking?

[solarsystem]

How to own a bank in 5 minutes with 5 dollars.
Step 1: Get $5 from your parent.
Step 2: Open a broker account that sell partial shares
Step 3: Buy $5 worth of Chase Stock.
You're all set, you own a bank.

[mkyussuf]

I understand the red tape but I missed where you can start with no money, a line of credit?

[ronineidolon]

Amazing... Thank you for this service.

[itsv]

So if you want to buy a chase or any Community bank it takes a year to buy one??? Please answer